Financial crime and sanctions

Financial crime

As regulated businesses, insurers need to ensure that they operate in a manner consistent with their financial crime obligations under the Financial Services and Markets Act 2000. Insurers must also comply with certain rules in the Financial Conduct Authority (FCA)’s Senior Management Arrangements, Systems and Controls Sourcebook (SYSC). For guidance on the UK’s anti-money laundering (AML), combating terrorist financing (CTF) requirements, anti-bribery and corruption requirements and the Joint Money Laundering Steering Group (JMLSG) guidance for general insurers, see Practice Notes:

  1. Introduction to the UK AML/CTF/CPF legal and regulatory framework for financial services

  2. FCA supervisory and enforcement focus on AML/CTF requirements

  3. The Money Laundering Regulations 2017 (MLRs)—essentials for financial services

  4. The Money Laundering Reporting Officer (MLRO)

  5. Anti-bribery and corruption (ABC) systems and controls for financial services firms

  6. FCA

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